"29 December 2020" Archive

Facts about 1% payment of tax liability in cash in GST under Rule 86B

Misconceptions VS Reality Facts about 1% payment of tax liability in cash in GST under Rule 86B Misconception 01: Large number of taxpayers would be affected by the rule. Reality: The rule provides for various exemptions like exporters, suppliers of goods of inverted duty structure, taxpayers having a footprint in the Income Tax data base...

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Revision of Company Law E-Forms and Documents

Since the introduction of the MCA21 in the year 2006, we are submitting different documents, records, and return electronically through different e-form. MCA21 run a virtual front office which provides the different facilities such as registering the Digital Signature, companies’ master data, directors’ master data, annual filing and ...

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Right of being Represented in a Court is a Fundamental Right

Shaik Mukthar Vs State of Andhra Pradesh (Supreme Court of India)

Right of being Represented in a Court is a Fundamental Right under Article 21 of the Constitution. Article 21 of the Constitution reads as under: ‘No person shall be deprived of his life or personal liberty except according to a procedure established by law’ Broadly speaking there are 3 types of litigations- Civil, Criminal &a...

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ITC in GSTR-3B cannot exceed 105% of GSTR-2A- Analysis

Amendment in rule 36(4) ITC cannot exceed in GSTR-3B of 105%- GSTR-2A and Steps to be taken w.r.t ITC post amendment I. Amendment in Rule 36(4) – Restriction on ITC to extend of 105% eligible ITC in GSTR-2A or BoA’s whichever is lower 1. Rule 36(4) was introduced to restrict the availment of credit on […]...

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HC explains invocation of Rule 86A for blocking ITC

M/s S. S. Industries Vs Union of India (Gujarat High Court)

S. S. Industries Vs Union of India (Guajrat High Court) I) The invocation of Rule 86A of the Rules for the purpose of blocking the input tax credit may be justified if the concerned authority or any other authority, empowered in law, is of the prima facie opinion based on some cogent materials that the […]...

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Service of show cause notice at wrong E-mail address is not valid

Ratan Industries Limited Vs State of U.P. (Allahabad High Court)

Service of the show cause notice at a wrong E-mail address is neither contemplated under the Act nor can it be deemed to be a proper service under the Act. As no show cause notice has ever been served, the petitioner never had any occasion to file its reply and thereafter not serving a copy of the reasoned order quantifying the demand is ...

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How to easily verify the E- invoice QR in your mobile

Please follow the following Procedures Step 1: Go to the following website https://einvoice1.gst.gov.in/Others/QRCodeVerifyApp Step 2 : enter your mobile number ,then hit the submit button, you will receive OTP, then click verify OTP. Step 3: Once the OTP is entered, you will receive a SMS from GST portal, to download the verification app...

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Extension of name reserved through SPICE+ upon payment of fees

This is to inform you that the Ministry of Corporate Affairs has inserted Rule 9A w.e.f. 26th January, 2021 in the Companies (Incorporation) Rules, 2014 to further extend the time period of the name reserved through SPICE+ under Rule 9 upon payment of certain fees....

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Private Equity Investment and its Regulation

Private equity investment refers to the investments made by private equity firms, venture capital (VC) firms or an angel investor. Each of these types of investor has a different goal and employs different investment strategies but they all provide capital to a company to aid its growth or satisfy working capital requirements...

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Note on Dormant Companies under Companies Act, 2013

> INTRODUCTION: The Oxford Dictionary defines dormant as ​‘not active or growing now but able to become active or to grow in the future’. Accordingly, a dormant company will mean a company which is inactive or inoperative. The basic premise of a dormant company is that the company is not carrying any business and is […]...

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March 2021